Blue Prism, a north west software company specialising in “Robotic Process Automation”, is set for a period of further international expansion, having secured a £2m credit facility from Clydesdale and Yorkshire Banks.
Blue Prism created the market for “Robotic Process Automation” – software which automates manual, rules-based, back office administrative processes. The software provides “virtual workforces” to customers and improves efficiency and accuracy particularly when handling large, time-consuming and repetitive tasks. Customers are from a variety of sectors including financial services, energy, telecommunications, government, business process outsourcing and healthcare.
Blue Prism is headquartered in Newton-le-Willows, between Manchester and Liverpool, and has offices in London, Miami and Chicago. With Clydesdale and Yorkshire Banks’ support, Blue Prism intends to consolidate and increase its presence in the US, and continue with its plans for further international expansion, as demand for Robotic Process Automation increases.
Blue Prism has attracted significant positive attention in recent years. In 2013 it was named a ‘Cool Vendor’ by leading information technology advisors Gartner, and was recently named in the Sunday Times 2015 Tech Track Ones to Watch. It has been featured in international media such as The Economist and Financial Times as the trend for Robotic Process Automation continues.
The deal was led by Stephen Fahy, a Senior Director in Clydesdale and Yorkshire Banks’ Growth Finance team. Stephen said: “Blue Prism is a fantastic example of a UK business which is leading the way in the global enterprise software market. It’s software robots are already used by some of the world’s leading brands.
“The management team has set out an ambitious expansion plan and is expecting demand to continue to grow for its innovative Robotic Process Automation products. Our Growth Finance team is proud to back Blue Prism and we look forward to working with the company over the coming years.”
Gary Johnson, Chief Financial Officer at Blue Prism, said: “As the company grows, we need to have increased flexibility in our finances. The people at Clydesdale Bank not only quickly understood our needs, but also worked rapidly and professionally towards completion."
Clydesdale and Yorkshire Banks’ Growth Finance team operates UK-wide and provides debt packages for innovative and rapidly expanding UK businesses. This deal for Blue Prism is the third the team has completed in the last two months, following a £5m funding package provided to wireless semiconductor specialist Toumaz and a £2.5m funding package provided to Relayware, a SaaS provider of partner relationship management software.